The new bankruptcy law is steadily approaching. The new law is not at all “debtor friendly” like the old one was. In fact, it’s being termed “creditor friendly.” People will not be able to set aside debts as easily as they used to, and they’ll have to take counseling classes before filing. Also, the new law has no provision for natural disasters. In the case of Hurricane Katrina, many people have partially insured losses or uninsured losses that now are worth nothing. Others will have to demolish their homes if they haven’t been already. It’s something that cries out for action from Congress, even though the banks will protest. The bankruptcy bill was inspired by banks and it is tougher by design. But people shouldn’t be beaten when they’re down or punished when they’ve already been punished by a natural disaster. Clark is going to call the American Banking Association to try and convince the organization to add a hardship clause for victims of natural disasters.